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Santander UK profit hit by insurance mis-selling payouts
Santander UK has seen its half-year profits more than halve, hit by needing to splash out £731m for compensating customers who were mis-sold payment protection insurance (PPI).
Pre-tax profit for the six months to 30 June came in at £549m, down from £1.2bn a year earlier.
Most of the UK’s largest banks are paying out PPI compensation.